Can you remove someone from mortgage?
Likewise, can you remove someone's name from a mortgage without refinancing?
If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.
Additionally, can a joint mortgage be transferred to one person? Transferring a mortgage to another person requires a process known as a Transfer of Equity, which can be applied to an existing mortgage or as part of a remortgage, and is commonly used in the following circumstances: Removing a partner from a mortgage, switching from a joint mortgage to a single mortgage.
One may also ask, how do I take someone off the mortgage?
The only legal way to take over the loan is to get your ex-spouse's name off the mortgage.
- 4 ways to remove an ex from a mortgage.
- Refinance the loan in your name only.
- Sell the house.
- Apply for a loan assumption.
- Get an FHA or VA streamline refinance.
- A final (risky) option.
Can you remove your name from a mortgage?
If you're approved for a mortgage loan based on your own credit and income, the next step is filing a quitclaim deed. Since your new mortgage loan replaces the old one, your spouse's name is automatically removed from the mortgage; but refinancing does not remove his or her name from the mortgage deed.